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ACME Solar Completes INR28 Billion via QIP; Shares Jump 4%

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ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) said it has completed its qualified institutional placement (QIP), raising 28 billion Indian rupees from institutional investors, according to a Friday filing.

The issue saw participation from domestic mutual funds, insurance companies and foreign investors, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, BlackRock, Goldman Sachs, and Abu Dhabi Investment Authority, among others, the filing said.

The company said it will use the proceeds to reduce leverage and strengthen its balance sheet.

ICICI Securities and IIFL Capital Services were the book-running lead managers for the issue.

Shares of the company jumped nearly 4% in recent trade.

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